Can't say I am familiar with Eaton's products, but that mains cabinet is likley available in 200, 400 and 600 amp versions as well. So whoever installed this must have had a load calculation of 600 or more or figured that if the last meter were ever used it could go over 600.
Otherwise they probably would have saved some $$$ if load calc were only 340 amps and they would have chosen a 400 or 600 amp main section.
I installed a I-Line panel a while back - 800 amp bus, used the six service disconnect rule so all breakers in the panel were "mains" had a calculated load (including expected future load) of around 650 amps. The breakers installed were two 400 amp breakers and two 125 amp breakers. The main lugs kit that the service conductors landed on were rated for 1200 amps though they only had 750 amps of supply conductors landed on them, and were connected to an 800 amp rated bus.
What "size of service" was that install? The breakers added up to 1050, the bus was only rated for 800, the main lugs were rated 1200. Calculate load however was only 650. On my permit application I guess it was 600-800 amps because that is the choices on the application, but if being precise I guess it would have been 750 as that is the maximum design the entire setup could possible handle.
One 400 amp breaker was for a future chiller to be installed in a couple years, but until they add that load, I'd bet you can go in that place at just about any time and take a current reading and seldom ever get a reading over 100 amps.